Sep 30th, 23:06 system announcement
by Bogart Beck
Beck / Nestler Partnership Completes SL CapEx Acquisition - 09/30/2008 - 10PM
Tuesday September 30, 2008 - 10PM
Beck / Nestler Partnership Completes SL CapEx Acquisition
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I am pleased to report this evening that Scott Nestler and I have successfully completed the asset transfer portion of our Purchase Security Agreement with Arbitrage Wise and Chango Kanto. Effective at 10PM SLT this evening all pre-acquisition stock transfers between parties were completed. Substantial changes in the ownership percentages of BIG, NIC, SLCX and SLW should be self-evident.
The pre-acquisition conditions now clear the way for both SL Capital Exchange and SL Wallet to move forward as seperate entities. Scott Nestler has been nominated to serve as Chairman of the Board of SL Capital Exchange to succeed Arbitrage Wise who will step down as soon as the nomination has been ratified by shareholders. Bogart Beck, CEO and Chango Kanto, COO have also been nominated to continue to serve as Board Members at the discretion of the Chairman. A shareholders meeting will be commenced within thirty days of this announcement to allow nomination of two additional Outside/ Independent Directors pursuant to SL CapEx policy. Stay tuned for announcements in that regard.
I'm confident Arbitrage will be forthcoming with his own announcement regarding the exciting forward strategy of SL Wallet within the next few days. We've all been down a long and often bumpy road together - let's pray that todays events and the announcements to follow foretell a bright future for SL Capital Exchange, SL Wallet and the entire SL Capital Markets and Financial community.
Thank you for your patience - Please stay tuned!
Respectfully,
Bogart Beck
SL CapEx Ceo
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Thursday, September 04, 2008
Beck / Nestler Partnership to acquire SL Capital Exchange (SLCX) controlling interest.
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The partnership of Scott Nestler and Bogart Beck announced today a tentative Agreement to acquire a majority shareholder interest in the SL Capital Exchange (CapEx: SLCX) in a private transaction between themselves, Arbitrage Wise and Chango Kanto.
At the completion of a transaction that includes both a direct Stock Swap component and a considerable Cash contribution, Nestler and Beck will control approximately 55% of the authorized and issued shares of SLCX. As consideration, Arbitrage Wise and Chango Kanto on behalf of SL Wallet (CapEx: SLW) will ultimately gain control of up to 20M shares of SL Wallet (SLW) or its equivalent in Cash ($L) over the term of a Purchase Security Agreement which is anticipated to close by September Month-end pending SLW Shareholder approval. The Terms of a Definitive Agreement between the parties will be based on the 30 Day Average Closing Price of SLCX and SLW at closing and will include redemption Warrants and Options among other conditions.
Arbitrage Wise, commenting on the announcement stated, "I made a promise in January to fulfill my obligations to JTF Depositors and to finish the visionary projects we started in 2007. This agreement will provide the free cashflow and stability we need to execute that plan. I am confident that Bo and Scott are the right stewards to lead the SL Capital Exchange into its next chapter and they've offered a more than fair price for SL CapEx. Shareholders of both SLCX and SLW should be delighted with this Deal."
Beck added, "I came to SL CapEx just over a year ago. In that time we've been to the top of the mountain, and, unfortunately, to the brink of destruction and back again. For some time now I've talked about the need for some progressive changes in the way the SL Capital Markets operate. Arbitrage, Scott and myself are in agreement that this transaction is a logical and necessary step for us to begin to restore the confidence we once had as a community. Going forward, Scott and I will endeavor to elect a New Board of Directors for SL CapEx, we'll implement tougher underwriting policies for IPO's and we'll help to restore investor confidence in the SL Capital Markets. Most importantly, for SLCX shareholders we'll return SL CapEx to profitability and profound growth."
Nestler continued, "If we're ever to move beyond the simple constructs of a 'game' we'll need a legal and regulatory framework that both understands and supports the greater metaverse. Virtual Corporations, micro-securities, RMT taxation; these issues will each require strong leadership, clear vision and the fortitude to endure scrutiny by a multitude of agencies. Bo and I are resolved to persevere until this nascent industry not only survives but thrives. SL Capital Exchange will lead the way in that regard."
Contacts:
Arbitrage.Wise@Gmail.com
Bogart.Beck@Gmail.com
Nestler.Investments@Gmail.com
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About SL CapEx: The SL Capital Exchange (SL CapEX: SLCX) is a fictional Stock Market Exchange based on the economy of, and operating adjacent to, Second Life(tm), a product of Linden Lab. The SL Capital Exchange is not affiliated with Linden Lab.
About SL Wallet: SL Wallet (SL CapEx: SLW) is an unregulated currency intermediary offering transactional gateway services between Second Life(tm) currencies ($L) and real-money denominations. SL Wallet is not affiliated with Linden Lab.